The Columbus housing market continued to boom in August as 9.3% more transactions closed than a year ago. Prices kept climbing and a large number of listings fetched more than list price.

New Listings Drop but Inventory Climbs

After New Listings had increased by 21% in July, they dropped in August, but were still 12% higher than last year.

The inventory saw a substantial boost of 24.4% over August 2020.

I expect that active listings will continue to rise for another month or two. October and November will be your best months of the year to buy.

Days on Market (DOM) Shrink for Luxury Homes

Upscale homes have been the big winner this summer. Even the most expensive Central Ohio homes – those listed for $700,000 and more – sold in only 28 days in August. That’s 63% faster than a year ago.

Here are August DOMs for all price ranges.

Gains of Average Sales Price Slow Down

The average sales price was 10.4% up from last year. That’s the lowest price gain in 12 months.

It indicates that we will no longer see double digits price increases in the future as the market is over its peak.

Housing Stats for August 2021

Here’s a summary of home sales data for August 2021 as reported by the Columbus Association of Realtors:

  • Closed Transactions – 3,694 – UP by 9.3%
  • Inventory – 3,418 – UP by 24.4%
  • New Listings – 4,028 – UP by 11.9%
  • Days on Market – 11 – DOWN by 50.0%
  • Average Sales Price – $308,087 – UP by 10.4%
  • Average Price / Sqft – $1​67.23 – UP by 11.7%

Go to Columbus Realtors to see the full report.

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